Update: Columbia Threadneedle plans to expand Luxembourg presence after Brexit vote

Existing operations to remain in UK

Columbia Threadneedle has begun applying for regulatory permission to expand its asset management presence in Luxembourg, with plans to replicate UK-based OEICs on its SICAV platform and have some fund managers based there, following the EU referendum result last week.

The group has joined M&G Investments in making plans to build up its operations within the European Union, as asset managers fear the detrimental effect Brexit will have on their distribution capabilities across the continent. Columbia Threadneedle said it understands that under current EU rules any asset manager that wants to distribute in the EU will need to have fund managers based there, but added the vast majority of its managers can expect to remain where they are currently located. There are no plans to move its head office from London. What next for UK asset managers after Bre...